JPMorgan sues former banker Staley over Jeffrey Epstein ties March 9, 2023 JPMorgan has sued Jes Staley, its former private banking head and later Barclays chief executive, accusing him of entangling it with sex offender Jeffrey Epstein, and saying Staley himself had been accused of sexual assault. The largest U.S. bank filed two complaints on Wednesday night in Manhattan federal court, where it is also defending against lawsuits [...]
M&G profits down at £529m but fund manager says ‘transformational programme’ will deliver cost savings to shareholders March 9, 2023 Fund manager M&G claimed “adverse market movements” caused its assets under management to dive £28bn to £342bn during 2023. M&G’s adjusted operating profit before tax during the 12 months was £529 million compared to 2021’s £721m as it took a hit losses in its annuity portfolio and foreign exchange costs on its US dollar debt. [...]
Making hybrid working work across the City March 9, 2023 Last month, ACCA published our inaugural Global Talent Trends 2023 survey, which shared valuable insights into workplace trends and practices from more than 8,400 professional accountants around the world. We found that out of all the topics covered in the report, hybrid working attracted the most attention. This deep interest in hybrid work models is [...]
Engagement with fossil fuel companies better than divestment, say green finance chiefs March 8, 2023 Green finance chiefs agreed engagement with polluting companies was better than divesting as they faced MPs’ questions today on how the City of London was supporting the transition to net zero. Speaking to the Environmental Audit Committee, head of climate change at HSBC Tim Lord said “our strategy is absolutely around engagement”. “The objective here [...]
JP Morgan’s Chase: ‘We haven’t entered the market just to be a small challenger’ March 8, 2023 JP Morgan’s digital challenger bank Chase has set its sights on becoming a major retail bank in the UK, even if it costs a lot, a top executive at the bank told City A.M. Shaun Port, managing director for everyday banking at Chase, said: “We haven’t entered the market just to be a small challenger.” [...]
Fintech Railsr says sale is ‘around the corner’ amid financial troubles March 7, 2023 Beleaguered embedded banking firm Railsr said a sale was “around the corner” today as it scrambles to find new ownership amid regulatory scrutiny and financial troubles. Railsr, previously regarded as a darling of the UK’s fintech scene, has been hunting for a buyer over the past few months as funding has dried up. Bloomberg reported [...]
UK commits £76m of dormant assets to tackle cost of living crisis March 7, 2023 The government has committed £76m of dormant assets to go towards tackling the cost of living crisis as it seeks to unlock over £800m for community funding over the next few years. The Department for Culture, Media and Sport (DCMS) confirmed today that an initial £76m will be distributed to 69,000 people under the Dormant [...]
Climate change: Finance groups praise ‘world leading’ transition plans but warn of challenges ahead March 7, 2023 UK finance firms have praised the ambition of new climate change regulations which will set out a potentially world-leading framework for assessing companies’ climate transition plans. The transition plan taskforce (TPT) is considering proposals to make a standardised framework for assessing climate transition plans due to concerns plans published by companies at the moment “vary [...]
Bankers’ bonus cap was not working, UK banking regulator says March 7, 2023 The imposition of the bankers’ bonus cap has had “precisely the opposite effect” to what regulators intended, the head of the UK’s main banking regulator said today, as he sought to defend the government’s decision to scrap the cap. Sam Woods, head of the Prudential Regulation Authority (PRA), said that while scrapping the bonus cap [...]
Credit Suisse’s former top shareholder Harris Associates dumps stake in beleaguered bank March 6, 2023 Long-standing Credit Suisse shareholder, Harris Associates, has sold its entire stake over the past few months, its chief investment officer David Herro has said. Herro told the Financial Times the investor had lost patience with Credit Suisse’s strategy to stem persistent losses and its client exodus. Herro had been a prominent supporter of Credit Suisse [...]